UK Sees Growing Business Opportunities In Nigeria — Envoy

Muhyideen Jimoh
May, Wed, 2025

Foreign

UK sees growing business opportunities in Nigeria — Envoy

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By Chinenye Offor

Richard Montgomery, the British High Commissioner to Nigeria, says the United Kingdom (UK) sees growing opportunities in doing business in Nigeria.

Montgomery made this known during a press conference on Wednesday in Abuja at the UK-Nigeria Economic Growth Conference, themed “Driving Sustainable Trade and Investment.”

He noted that Nigeria had become increasingly attractive for business and investment, particularly in the areas of trade and economic partnerships.

According to him, the UK’s positive assessment of Nigeria’s economic trajectory has positioned the country as an increasingly important partner.

Montgomery attributed the renewed investor confidence to the economic reforms initiated by President Bola Tinubu’s administration.

“Nigeria has become increasingly investible in areas of trade and investment opportunities and the naira is more stable, the foreign exchange reserve is rising, which makes the environment less risky for business

“Naira is more stable and predictability enables investment, foreign exchange reserves are also up which makes Nigeria more investible and less risky for business,” he said.

He also noted that revenue had doubled for many states, signaling economic growth and the potential for more job creation.

“In spite of the current high inflation, we still see strong business prospects,” he added.

Montgomery emphasised that both the UK and Nigerian governments were working collaboratively to stimulate job creation, drive wealth generation, and promote inclusive economic growth.

He also highlighted Nigeria’s growing strategic relevance, both regionally and globally.

“Nigeria is an anchor country in Africa and is playing an increasingly assertive role on the world stage,” he said.

Montgomery outlined three key pillars of the UK’s approach to trade relations with Nigeria: as a positive assessment of Nigeria’s ongoing economic reforms, which make it a more accessible investment destination.

“The UK’s own economic reforms and their relevance for Nigeria, and a roadmap for deepening trade and investment relations between both nations.

Also speaking at the event, Mark Smithson, Country Director for the UK’s Department for Business and Trade in Nigeria, said the Enhanced Trade and Investment Partnership (ETIP) was a cornerstone of the UK’s broader bilateral relations with Nigeria.

According to Smithson, Nigeria is the UK’s second-largest trading partner in Africa and the UK’s largest export market on the continent.

“In February 2024, we signed the Enhanced Trade and Investment Partnership, the first of its kind in Africa and one of only two such agreements globally, highlighting Nigeria’s strategic importance.

“ETIP is a co-developed framework aimed at fostering inclusive growth. It aligns with Prime Minister Rishi Sunak’s growth agenda and President Tinubu’s eight-point economic agenda,” he said.

He said the partnership supports job creation, economic expansion, and reforms in the business environment.

“It also promotes public-private collaboration, technical cooperation, and the removal of non-tariff trade barriers such as quality standards, quotas, import licenses, and complex customs procedures.”

Similarly, Zarah Audu, Director General of the Presidential Enabling Business Environment Council (PEBEC), emphasised the UK’s status as one of the most innovative economies in the world and Nigeria’s strategic role as a partner.

“With our large population and dynamic entrepreneurial base, Nigeria is well-positioned to be a key driver of bilateral economic growth,” she said.

She added that the Nigerian government was committed to positioning the country as a globally competitive, transparent, and business-friendly economy.

“Today offers a critical platform to reflect on the evolving UK-Nigeria relationship and explore how the ETIP can drive sustainable economic growth in both nations.

“The ETIP marks a renewed commitment to strengthening trade, investment, and diplomatic ties between our countries.

“It focuses on shared priorities across sectors such as financial services, clean energy, digital innovation, and the creative economy,” she said.

She stressed the importance of reducing trade barriers, improving regulatory frameworks, and expanding Nigeria’s export capabilities. (NAN) (www.nannews.ng)

Edited by Abiemwense Moru

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